cbBTC / AUSD on Ethereum
A Morpho market on Ethereum where people borrow AUSD against cbBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.86% a year and borrowers pay 4.12% right now.
Data from Morpho's API · updated
Borrow APY
4.12%
30-day average 1.77%
Supply APY
3.86%
30-day average 1.47%
Supplied
$10.0K
9.97K AUSD
Borrowed
$9.3K
93.8% utilization
Available to borrow
$618
free liquidity right now
Collateral posted
$29.1K
0.405 cbBTC
cbBTC / AUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
cbBTC / AUSD interest rate curve
What borrowers would pay at each utilization level, with today's settings
Borrow APY Supply APY
At the 90% target, borrowers pay 1.91% right now. Below it the rate falls to as little as a quarter of that; above it, it climbs to four times that when the market is fully borrowed. The curve itself also moves: while utilization stays above 90% the whole curve drifts up, and below 90% it drifts down. How Morpho interest rates work.
Liquidation map
How much cbBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's cbBTC price in AUSD. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 86%fixed for the life of the market |
|---|---|
| Liquidation bonus | 4.38%extra collateral a liquidator receives |
| cbBTC price in AUSD | 71.90K AUSDthe market's oracle, which liquidations follow |
| Oracle | Unknown0x4C6E…610c |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | AUSDprice $0.9991 |
|---|---|
| Collateral | cbBTCprice $71.8K |
| Borrowers | 2 |
| Created | December 17, 2025 |
| Market ID | 0x5de846e0…6af18f |
| Rate model | 0x870a…00BC |
| cbBTC token | 0xcbB7…33Bf |
| AUSD token | 0x0000…012a |
Vaults lending here
$10.0K of the $10.0K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Grove x Steakhouse AUSDV2lends directly | $7.7K |
| Steakhouse High Yield InstantV2lends directly | $2.2K |
Largest borrowers
2 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xf1A0…e244 | $9.3K | 2.71 |
| 0xfeed…3C9a | $1.00 | 2.79 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
None recorded in the last 90 days
About the cbBTC / AUSD market
The cbBTC / AUSD market on Ethereum was created on December 17, 2025. Anyone can lend AUSD into it, and anyone holding cbBTC can borrow that AUSD against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from a custom oracle; check its source before borrowing or lending.
Right now $10.0K is supplied and $9.3K borrowed, so 93.8% of the market is in use, backed by $29.1K of cbBTC from 2 borrowers. Borrowers pay 4.12% a year, 1.77% on average over the last 30 days. Lenders earn 3.86%.
2 listed vaults lend here, providing $10.0K of the supply; the largest are Grove x Steakhouse AUSD and Steakhouse High Yield Instant. Liquidators who close an unsafe loan here receive a 4.38% bonus in cbBTC.
cbBTC / AUSD on Ethereum: quick answers
What is the AUSD borrow rate against cbBTC on Morpho Ethereum?
In this market it is 4.12% a year right now, and it averaged 1.77% over the last 30 days. The rate is variable: it follows how much of the market's AUSD is borrowed, rising quickly above 90%.
When are cbBTC / AUSD loans liquidated?
When a loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes cbBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if cbBTC fell to about 41.80K AUSD.
How much AUSD can be borrowed here right now?
$618 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the cbBTC / AUSD market?
Lenders earn 3.86% a year right now (1.47% averaged over 30 days). Most lend through vaults, such as Grove x Steakhouse AUSD and Steakhouse High Yield Instant, which spread deposits across several markets.
More ways to borrow against cbBTC
Other loan assets with cbBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDCBase · LLTV 86% | 4.52% | 5.33% |
| cbBTC / USDCEthereum · LLTV 86% | 4.37% | 5.10% |
| cbBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| cbBTC / USDTEthereum · LLTV 86% | 3.05% | 3.68% |
| cbBTC / EURCBase · LLTV 86% | 6.88% | 7.37% |
| cbBTC / USDCEthereum · LLTV 86% | 4.48% | 4.99% |
